Teleflex Inc. made further progress deleveraging over the past 12 months, with adjusted leverage declining to below 3x as of Dec. 31, 2019, modestly ahead of our expectations. The company's stronger than expected performance in 2019 created additional debt capacity within the rating, which should help Teleflex maintain leverage at or below 3x while pursuing midsize acquisitions in the coming years. We are affirming our 'BB+' rating and revising the outlook to stable from negative on Teleflex. The outlook revision reflects our increased confidence that the company will generally maintain leverage of about 3x in the coming years, despite its appetite for midsize acquisitions. We base our forecast on Teleflex's expected solid organic top-line growth, track record of successful integration
